Today (Jan. 22), the market for oilseeds and oils in China is shown as follows:

 

Imported soybean: Prices are not offered today, as most traders have been on the way for Lunar New Year holidays. 

Cottonseed: Today, cottonseed is stopped to be purchased and quoted, while a minority of cottonseed oil mills continue the operation to run down inventories. Cottonseed supply is limited under the impact of very low operation rate, for which the cottonseed market is bolstered. However, most oil mills halt the operation as it nears the end of the lunar year, resulting in almost no transaction. Thus, the cottonseed market is weighed down. Moreover, there is little trading on the market with the forthcoming Spring Festival and thick festive air. It is predicted that cottonseed price will mainly keep steady before holiday, so buyers can take a wait-and-see attitude.

Summary: US soybean futures fell to a five-week low last night on no fresh sales to China and a good harvest in sight in Brazil. Meanwhile, the novel coronavirus pneumonia is quick in spreading. The demand for edible oils decline rapidly if the tourism is hit during the Lunar New Year holidays, so funds have been trimming positions in these two days. Oil futures continue the downtrend on the Dalian Commodity Exchange today after slumping yesterday. But the spot market is quiet now as most distributors have been on their way home for the festival. China has signed the trade deal with the United States, although it has not yet begun to make imports of agricultural products. And according to the Ministry of Commerce, China will expand imports from the United States in accordance with the principle of market and WTO rules, and this will not will not impact imports from other countries. Soybean will probably be in huge supply, and oil mills now peg soybean crush at a very high level due to good margins. Therefore, the oil market is under pressure. Although soybean oil stocks declined by 3% to 850,000 tonnes last week, but the market now is guided by concerns over the coronavirus pneumonia. The oil market may continue to fluctuate to drop in the short time, and its scope for downside will depend largely on the control of the pneumonia. The mass movement of people during the festival travel rush adds to the difficulty of prevention and control of the new pneumonia. Buyers can wait at the moment.  

Soybean oil: Prices are almost unavailable now, with 7,000 yuan/tonne quoted by traders in Zhangjiagang.

Palm oil: RBD palm olein prices are almost unavailable now, with 6300 yuan/tonne quoted in Zhangjiagang.

Imported rapeseed oil: Prices are not offered today, as most traders have been leaving the market for their Lunar New Year holidays. 

Cottonseed oil: Cottonseed oil prices are mostly not offered and individually stay stable today. The purchasing price of cottonseed is high in earlier stage and only a minority of enterprises continue the operation amid stronger festive air, so the cottonseed oil market is supported. But the downstream demand for cottonseed oil as blending oil is limited. Besides, the cases of new coronavirus pneumonia increase rapidly, so the tourism may be badly hit during Spring Festival, which will directly reduce demand for cooking oil. Moreover, investors withdraw money to reduce position. And oil futures plunged yesterday. Also, it keeps falling back today, which may drag down cottonseed oil market. Buyers can stay on the stay on the sideline for the present.